Office Information

Press Releases

Jun222011

Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA),
Chairman of the U.S. Congress Joint
Economic Committee (JEC), held a hearing focusing on the manufacturing
sector and the need for a national strategy to revitalize manufacturing in the
United States. The manufacturing sector is central to the overall health of the
economy, and today’s hearing examined strategies and policies to bolster U.S.
manufacturing growth.

“Good-paying manufacturing jobs are the key to a strong
middle class. We need to make sure that we are doing everything possible to
revitalize manufacturing in our country,” said Chairman Casey. “The
United States has failed to put in place a national manufacturing strategy, and
as a result, manufacturing companies and workers in the manufacturing sector
haven’t received the support they need to compete effectively in the
increasingly global economy.”

Senator Debbie Stabenow (D-MI) testified before the
JEC that, “In order to have a strong middle class in America, we must continue
to make and grow things in this country…for too long, we’ve seen a situation
where our companies are competing against other countries. Because we have lost
our focus, between 1979 and 2009, the U.S. lost more than 8 million
manufacturing jobs.”

Senator Casey noted the need for more policies to
strengthen the manufacturing sector. The Chairman emphasized the need for the
Currency Reform for Fair Trade Act, which holds countries accountable for
manipulating their currencies to gain unfair trading advantages and levels the
international playing field.

Casey also advocated for stronger trade agreements
and better enforcement of existing agreements to create a level playing field,
opening markets for American products, as well as the extension of Trade
Adjustment Assistance (TAA) to ensure that workers who lose their jobs and
financial security as a result of globalization have an opportunity to
transition to new jobs and emerging sectors of the economy.

Dr. Mark Zandi, Chief Economist of Moody’s Analytics,
highlighted domestic policies, such as investment in technical schools and
community colleges and STEM education, and pointed out that an “effective way
to support manufacturers would be to lower their business costs, including
labor, capital, and transportation and telecommunication. Manufacturers appear
especially nervous about their ability to fill job openings. This skill
shortage threatens to become a key constraint on growth for many manufacturing
businesses. Technical schools and community colleges provide significant value,
particularly in hard-pressed communities whose residents lack the financial
resources to attend private four-year colleges or even state-funded
universities. These schools can also alleviate a growing problem for many
manufacturers. Large multinational manufacturers seem increasingly willing to
partner with these schools: The firms help pay teachers’ salaries and build
offices or other facilities, in exchange for a say over the schools’
curriculum. Policymakers should look to aid these efforts with additional
funding to schools that attract manufacturing partners.”